Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v3.21.2
Derivative Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2020
Investments, All Other Investments [Abstract]  
Schedule of Fair Value of Derivative Liabilites

Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows:

 

March 31, 2020   Level 1     Level 2     Level 3     Total  
Derivative liabilities                 151,184       151,184  
ARO liabilities                 1,649,728       1,649,728  
                                 
December 31, 2019                                
Derivative liabilities                 24,509       24,509  
ARO liabilities                 1,723,364       1,723,364  
Schedule of Derivative Liabilities

A summary of the activity of the Company’s derivative liabilities is shown below:

 

Balance, January 1, 2019   $ 37,013  
Additions      
Fair value adjustments     (12,504 )
As at December 31, 2019     24,509  
Additions     144,259  
Fair value adjustment     (17,584 )
As at March 31, 2020   $ 151,184  
Schedule of Derivative Liability of Fair Value Assumption

Derivative liability classified warrants were valued using the Black Scholes Option Pricing Model with the range of assumptions outlined below. Expected life was determined based on historical exercise data of the Company.

 

    March 31, 2020     December 31, 2019  
Risk-free interest rate     2.27 %     1.58% - 2.27%  
Expected life     2.1 years       1.4 – 2.1 years  
Expected dividend rate     0 %     0 %
Expected volatility     208 %     208% - 240%